IFRS Sustainability standards: effective date

IFRS Sustainability standards: effective date logo

The ISSB has previously issued its Exposure Drafts IFRS S1 General Sustainability-related Disclosures (draft S1) and IFRS S2 Climate-related Disclosures (draft S2) in March 2022.

Early application of IFRS S1 and IFRS S2 is permitted, and this fact should be disclosed.

It is expected that the Standards will be issued towards the end of the second quarter of 2023

Click here to download the Exposure Drafts:

Relevance to Auditors, Independent Reviewers & Accountants:

  • As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of the impact of amendments to IFRSs that are approved as well as when they become effective.
  • Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
  • As an auditor and independent reviewer, you should be aware of proposed changes to existing standards issued by the standard-setting bodies, e.g. the IAASB

Relevance to Your clients:

  • Applies to any entity that is required, or chooses, to prepare general purpose financial statements.
  • General purpose financial reporting encompasses—but is not restricted to—an entity’s general purpose financial statements and sustainability-related financial disclosures.
  • Compilers of annual financial statements must have knowledge of the impact of amendments to IFRSs that are approved as well as when they become effective.

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